Why We're Not Ready for Free Banking

Modeled Behavior submits:

In the comments to a post by Tyler Cowen, George Selgin describes the use of, and potential for, free banking from a gradualist perspective:

The debate about whether the Fed has failed or not shouldn’t be confused with a debate about whether we should, were it possible to do so, want to flip a switch today that would shut the FOMC and discount window, leaving us with a frozen base, and then let private markets take charge from there.

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